Vedanta to buy chip, display biz from Twin Star

New Delhi, July 7

Vedanta Ltd on Friday said it will acquire the semiconductor and display businesses from sister concern Twin Star Technologies Ltd.

The new structure will make Vedanta India’s first company in Integrated Semiconductor and Display Fab Business.

Twin Star Technologies is a wholly-owned subsidiary of Volcan Investments Ltd which is the ultimate holding company of Vedanta.

“The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited’s (TSTL) Semiconductor and Display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited,” Vedanta said in a statement.

With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio.

“Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and world class electronics ecosystem. My dream is for every Indian youth to have an affordable smart phone, laptop and an electric vehicle,” Vedanta chairman Anil Agarwal said.

Vedanta said semiconductor and display glass manufacturing represents a large growth opportunity for India. It said the semiconductor market is estimated to reach $80 billion by 2026.

The display panel market is estimated to be worth $7 billion and is expected to grow to $15 billion by 2025. Currently, India imports 100% of these requirements, the statement said.

“We believe semiconductors and display fab are at the core of any electronics ecosystem. This will also spawn the creation of multiple ancillary industries and opportunities in both downstream and upstream, creating jobs,” Vedanta’s semiconductor and display business global MD Akarsh Hebbar said. PTI

Deal dynamics

• Twin Star Technologies is a wholly-owned subsidiary of Volcan Investments Ltd which is the ultimate holding company of Vedanta
• The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited’s Semiconductor and Display SPVs